The US Senate Banking Committee passed the Clarity Act, which regulates the digital asset market, by a vote of 15 to 9. Two Democratic senators, Ruben Gallego of Arizona and Angela Alsobrooks of Maryland, voted with the Republicans. Following this development, the price of Bitcoin rose to 82 thousand dollars in a short time.
Clarity Act passed in the Senate
The Clarity Act aims to resolve legal uncertainties that have been discussed for a long time in the field of cryptocurrency. After the bill passes the Senate committee, it will be sent to the House of Representatives. Parliament approved a similar version last year. If the bill passes the parliament in the same way and a joint text is created between the two wings, the bill will go before former President Donald Trump.
During the committee meeting, different opinions came to the fore on two issues regarding the law articles. The first of these was the measures to be taken to prevent digital assets and criminal proceeds. Another debate was how to apply ethical rules to elected officials who earn income from cryptocurrencies. Trump and his family have recently been at the center of this debate by making high profits from digital investments such as meme coin and World Liberty Financial.
Political discussions and supports
Virginia senator, Democrat Mark Warner, emphasized that negotiations continue despite various difficulties in the legislative process. Warner compared the work in recent months to “crypto hell” and stated that he believed that reconciliation would be possible. Committee chairman Republican Tim Scott pointed out that the industry has been operating without clear rules for years and underlined the need for new regulation.
“This is a historic step in digital asset innovation. Today’s vote by the committee is a clear message that the United States will not leave the future of digital finance to others.”
Wyoming senator Cynthia Lummis, known for her policies in the field of digital assets in the crypto industry, described the committee’s decision as an important development that was made as a result of “long and continuous negotiations.” Lummis emphasized that the United States should not fall behind in the digital finance race.
Legislative support and objections from the industry
Coinbase, Circle and Ripple, among the leading crypto companies in the USA, support the law. These companies think that thanks to the regulations, the sector will operate within a clearer framework and investors will feel safer. The famous investment company Andreessen Horowitz was also among the actors supporting the process. It was also reported that the White House follows the law closely and is involved in the discussions from time to time.
On the bank side, JP Morgan in particular is concerned that reward programs offered through stablecoins may cause users to withdraw deposits from banks and reduce loan volume. Crypto companies reject these concerns, arguing that the reward system will only be valid for payment transactions. The amendment proposals of the Democrats, which were brought to the agenda in the committee, did not pass the voting stage, and some articles were not accepted due to technical reasons.
Senator Thom Tillis shared on his social media account that the proposal in the committee is a “strong bipartisan consensus” and will create important clarity for the industry. Tillis stated that work will continue to finalize the bill in the coming weeks.
Mike Selig, Chairman of the US Commodity Futures Trading Commission (CFTC), said that the vote brought the country closer to becoming a “crypto capital”. Selig stated that the law will introduce rules on whether digital assets will be considered securities or commodities and will open the door to a new legal ground.
CryptoAppsy According to data, the price of Bitcoin reached 82 thousand dollars in a short time after the Clarity Act was passed by the senate committee.
